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| Africa Subsaharan |
| Recalculating again: 600 mil. bbl oil discovered offshore from Ghana |
| 2007-06-19 |
| I'm not sure how much oil Iran is able to export nowadays, what with the deterioration of its neglected infrastructure, but 600 million barrels of light crude will surely make a difference when it comes on-line in seven years... and the promise will shape attitudes now. UK firm Tullow Oil jointly owns the West Cape block where the drilling took place with Anadarko Petroleum. It was one of the biggest oil finds in Africa in recent times, Tullow said. Tullow and Anadarko firms share rights to the adjacent Tano basin, which could yield more oil. "Based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high potential zones still to be drilled," said Tullow chief executive Aidan Heavey. |
| Posted by:trailing wife |
| #19 US coal reserves: 265 billion tons Converted to F-T diesel: > 500 billion barrels If converted using hydrogen suppied by nuclear plants: > 1.3 trillion barrels And don't even talk about shale. |
| Posted by: ed 2007-06-19 23:09 |
| #18 Seems the dinasaurs clustered as they croaked? Hmmm. Maybe the earth produces oil? |
| Posted by: Thrusort Bluetooth7235 2007-06-19 21:24 |
| #17 Oh, yeah its out there, but the technology required to get to some of this "reserve" is going to push gas higher than $5 a gallon. |
| Posted by: 0369Grunt 2007-06-19 21:13 |
| #16 No need to be quite so gloomy, folks. Here's some happy news ... "This year's review, which covers the period to the end of 2006, included an assessment of the size of Canadian oil sands for the first time. They stand at 163.5 billion barrels." That's equivalent to almost 40 years of US imports. http://uk.news.yahoo.com/rtrs/20070612/tbs-uk-bp-review-9c49c44.html |
| Posted by: Kirk 2007-06-19 20:40 |
| #15 I expect the Chinese with trillions locked up from their |
| Posted by: Procopius2k 2007-06-19 17:23 |
| #14 What I meant to say was that approximately 62% of the remaining conventional reserves on the planet are in just a few Middle East countries of Saudi Arabia, Kuwait, UAE, Iraq, and Iran, plus a few more little Arab countries. All of these are clustered around and just to the east of Israel. Because most other countries have either already peaked, meaning that they are producing their second half of reserves, and the Arab counties have such large reserves plus many years left until their reserves peak, the percentage of the world supply of remaining reserves in those Arab countries will go up from 62% to 70, or possibly 80 as time progresses. They have us “over a barrel” now, and will by a wider margin in the future. |
| Posted by: 0369Grunt 2007-06-19 17:22 |
| #13 The thing about peak oil is that its misleading, new wells actually keep coming online as older wells dry up or their flow lessens. The biggest discoveries actually still wait up for us because they are deeper to drill for. As drilling tech improves new areas and deeper depths will yield more oil. |
| Posted by: Valentine 2007-06-19 16:56 |
| #12 60% of current crude is coming from Saudi Arabia, Iraq, and UAE. In 20 years, 80% will be coming from there In the context of what/who. Russia has moved past SA in exports and likely has peaked itself. 600 million bbl is roughly the size of the US Strategic petroleum reserve..... Roughly 50 days of US imports. |
| Posted by: Shipman 2007-06-19 16:15 |
| #11 Glenmore is correct. We are at our world peak or very close. US hit our domestic peak in the 1970s. 60% of current crude is coming from Saudi Arabia, Iraq, and UAE. In 20 years, 80% will be coming from there. That's why we are in Iraq. And you know what? I'm fine with that. However, we must cut our consumption, or we will find ourselves in a bad place 25 years from now. And this is coming from a well respected petroleum geologist. |
| Posted by: 0369Grunt 2007-06-19 15:35 |
| #10 EU6305 The ROP is located mostly along the northern border. IIRC the south is Christian. Al |
| Posted by: Frozen Al 2007-06-19 15:28 |
| #9 Koffi just wet his pants. |
| Posted by: mojo 2007-06-19 15:24 |
| #8 While this indeed appears to be a large discovery, we need hundreds like this per year to support our current consumption. Ain't happening, people. |
| Posted by: Glenmore 2007-06-19 15:09 |
| #7 What is the predominant religion in Ghana? Just askin...well, according to wikipedia it's Christian 63%, Indigenous beliefs 21%, Muslim 16%. Cuz, you know, it could be an issue with some folks. |
| Posted by: Ebbang Uluque6305 2007-06-19 15:03 |
| #6 they won't be able to pump it for export for a dozen years |
| Posted by: mhw 2007-06-19 14:55 |
| #5 Hmmm... but where will the oil be refined? |
| Posted by: mrp 2007-06-19 14:23 |
| #4 Quick! Seize it before the local thugs get it! |
| Posted by: DarthVader 2007-06-19 14:15 |
| #3 peak oil is like the horizon, always getting closer, never quite there ;) |
| Posted by: Liberalhawk 2007-06-19 14:14 |
| #2 peak oil is like the horizon, always getting closer, never quite there ;) |
| Posted by: Liberalhawk 2007-06-19 14:14 |
| #1 My apologies: this should be Non-WOT, Horn of Africa. |
| Posted by: trailing wife 2007-06-19 14:13 |